Apple may release the iPhone 5S and iPhone 6 in August with one handset expected to be the cheaper version of the company's popular smartphone.

The latest rumors were reported by AppleInsider that sourced information from Chinese tech website EMSOne about the manufacturing orders at the Taiwanese Foxconn assembly plant.

The reports stated that analysts from Barclays Capital claimed orders have already been placed for the iPhone 5S and a budget version of the device that could see a potential release by August.

The iPhone 5S is rumored to be an incremental update to the iPhone 5 in similar fashion to the iPhone 4S that was an update to the iPhone 4.

The other cheaper iPhone that could potentially be the iPhone 6 is reportedly an attempt at expanding Apple's market around the world for users on a budget.

The iPhone 5S is expected to be a "world phone," meaning it will be compatible with frequencies for most LTE networks. Apple's iPhone 5 requires different models for different LTE networks.

The rumor that Apple is working on two new devices follows a previous rumor from Peter Misek, an analyst for Jefferies, who hinted that Apple is testing the prototype for a new "low-cost" iPhone that would be "similar to the iPad Mini" in its execution, according to Know Your Mobile.

The company has not attempted to capture the cheap smartphone market as the high price of Apple products is reportedly due to the higher quality of the devices.

Apple chief executive Tim Cook said during in earnings call in January that the company is not willing to drop quality in order to produce bargain iPhones.

"We aren't interested in revenue for revenue's sake," Cook said, according to The Washington Post. "We could put the Apple brand on a lot of things and sell a lot more stuff."